Tips on Cutting Costs at Home for a Stress-Free Financial Life

By Soko Directory Team / Published December 7, 2021 | 12:29 pm

KEY POINTS

As a grown-up, covering bills is part of life, it’s very important to teach your families ways to cut costs or to save and avoid financial stress.

Source: Palto / Shutterstock

When we are young, life comes easy, mother buys this, father buys that, and all we need is to ask for whatever we want. Sleeping with the lights on, watching TV all day, and playing with water directly from the tap is a fun game.

We grow up and realize how much parents sacrifice to give their families a decent life. As a grown-up, covering bills is part of life, it’s very important to teach your families ways to cut costs or to save and avoid financial stress.

Follow these simple steps and tricks that you will always be grateful for in life.

Write down all your expenses

Tracking down your expenses is the first step to budgeting and saving. Do it weekly or monthly from bus fare to bill and personal shopping.

Writing down expenses will help you see where your money goes, and you will have an idea of how much you spend per week or month.

You will differentiate your needs and wants, enabling you to save more by adjusting your expenses. You can also use the information you have from the budget to lessen your monthly expenses.

Walk to work

If you live close, walking to work is a great alternative to save money on commuting costs and keep you healthy. Use public means of transport if the office is too far to walk, commuting is way cheaper than driving your car.

Shop at thrift stores

I know many people who would roll their eyes on this; thrift does not necessarily mean they have been won. Thrift stores receive so many different items regularly they have to price everything to sell to move inventory.

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You will get amazing deals shopping at thrift stores. Why pay full price when you can get the same item for a lot less while thrifting? Thrift stores offer clothes, shoes, kitchen items, books, toys, electronics, niche items, and brand-new items.

Carry your food to work

homemade food is much healthier, and you will save a lot on that instead of going out for lunch at restaurants.

Keep loose change

keep your loose change away consistently, and make a habit of depositing every week. As they pile up, you can buy fruits, vegetables and shop for small things for the house without having to go to the bank for more money.

Have a yard or garage sale for stuff that is worth money, but you don’t need

Garage and yard sales are scheduled events for the sale of used goods by private individuals. One man’s trash is indeed another man’s treasure.

Sell all the items you do not need to someone dying to have them and use the money to sort other things in your life like bills. It could also be the best way to reduce clutter in your home.

Save energy

Unless your power source is biogas or solar-generated, you need to save on electricity. Monthly electricity bills are a huge part of the monthly budget.

Before purchasing any electronics, from heating, cooling, appliances, and lighting, always ensure you read and note how much power is consumed. Turn off lights when not in use and replace regular bulbs with energy-saving ones.

Pay with cash only

Cash is a better alternative to credit cards; paying cash forces you to hold yourself accountable for whatever you buy any day. It shows you how quickly you empty your wallet, unlike using a card.

About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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